SEATTLE, Oct. 30, 2020 /PRNewswire/ — The housing market is showing signs of seasonal cooling after a scorching hot summer sales season that stretched uncharacteristically far into fall, according to Zillow’s Weekly Market Report1. A nearly six-month acceleration of year-over-year list price increases stabilized this week at 11.7% above 2019. Buyers are quickly buying up what few homes are left on the market, with sales continuing to be dragged down somewhat by increasingly short inventory.
Buyer demand continues to push beyond seasonal norms
The inventory well keeps getting drier
Sales price growth hits new high
Would-be sellers are confident price growth is here to stay
|
Metropolitan Area* |
Total For-Sale Listings – YOY |
New For-Sale Listings – YOY |
Newly Pending Sales – YOY |
Newly Pending Sales – WOW |
Median List Price – YOY |
Median List Price – WOW |
Median Sale Price – YOY** |
|
United States |
-37.2% |
-3.7% |
19.3% |
-1.5% |
11.7% |
0.0% |
11.4% |
|
New York, NY |
-19.6% |
1.5% |
56.2% |
0.6% |
15.2% |
0.0% |
5.6% |
|
Los Angeles-Long Beach-Anaheim, CA |
-23.0% |
20.0% |
-0.6% |
-5.4% |
13.1% |
0.0% |
11.0% |
|
Chicago, IL |
-27.8% |
8.8% |
35.5% |
-2.1% |
8.3% |
-0.4% |
11.9% |
|
Dallas-Fort Worth, TX |
-35.8% |
-19.8% |
27.3% |
-2.1% |
5.3% |
-0.3% |
10.0% |
|
Philadelphia, PA |
-38.1% |
4.7% |
78.2% |
6.7% |
11.4% |
0.1% |
9.6% |
|
Houston, TX |
-30.0% |
-8.9% |
30.6% |
0.5% |
10.1% |
-0.1% |
7.5% |
|
Washington, DC |
-34.3% |
-2.7% |
90.6% |
10.4% |
8.3% |
-0.8% |
8.5% |
|
Miami-Fort Lauderdale, FL |
-15.9% |
-9.8% |
20.4% |
0.6% |
2.3% |
0.1% |
14.7% |
|
Atlanta, GA |
-33.8% |
-16.1% |
10.3% |
-1.2% |
9.3% |
0.0% |
10.9% |
|
Boston, MA |
-32.0% |
-7.5% |
-20.8% |
-8.4% |
12.5% |
-0.3% |
12.1% |
|
San Francisco, CA |
-1.9% |
23.0% |
29.6% |
0.7% |
12.4% |
0.0% |
16.4% |
|
Detroit, MI |
-40.7% |
-11.1% |
34.5% |
-1.8% |
11.6% |
-0.4% |
9.8% |
|
Riverside, CA |
-46.4% |
-6.9% |
20.6% |
2.7% |
16.3% |
0.1% |
11.9% |
|
Phoenix, AZ |
-21.4% |
-1.6% |
26.0% |
1.0% |
10.6% |
0.0% |
12.1% |
|
Seattle, WA |
-29.6% |
4.6% |
18.0% |
-4.3% |
4.5% |
-0.4% |
10.8% |
|
Minneapolis-St Paul, MN |
-27.5% |
-7.0% |
29.1% |
-1.8% |
1.1% |
-0.7% |
10.4% |
|
San Diego, CA |
-34.8% |
19.4% |
9.5% |
0.0% |
11.6% |
||
|
St. Louis, MO |
-39.1% |
0.5% |
26.3% |
-0.9% |
4.8% |
-0.5% |
14.7% |
|
Tampa, FL |
-35.4% |
-24.4% |
10.3% |
0.3% |
11.6% |
||
|
Baltimore, MD |
-46.4% |
-9.1% |
108.5% |
9.3% |
3.2% |
-0.6% |
4.7% |
|
Denver, CO |
-37.7% |
-3.1% |
21.6% |
-1.9% |
5.9% |
0.5% |
8.3% |
|
Pittsburgh, PA |
-33.3% |
-0.8% |
17.4% |
-1.8% |
19.4% |
-0.5% |
4.6% |
|
Portland, OR |
-37.0% |
5.8% |
26.9% |
0.6% |
11.0% |
0.5% |
10.1% |
|
Charlotte, NC |
-47.4% |
-17.2% |
0.3% |
-2.7% |
9.9% |
-0.3% |
9.5% |
|
Sacramento, CA |
-42.2% |
10.8% |
20.1% |
-0.9% |
14.9% |
0.5% |
9.9% |
|
San Antonio, TX |
-29.4% |
-14.1% |
44.8% |
0.8% |
6.1% |
-0.2% |
10.8% |
|
Orlando, FL |
-19.5% |
-27.4% |
1.5% |
0.0% |
6.6% |
||
|
Cincinnati, OH |
-36.9% |
4.3% |
20.3% |
0.9% |
16.6% |
-1.0% |
12.5% |
|
Cleveland, OH |
-41.0% |
0.8% |
48.3% |
-3.1% |
3.9% |
-1.3% |
15.0% |
|
Kansas City, MO |
-42.3% |
-5.7% |
22.6% |
0.6% |
11.5% |
-0.4% |
12.1% |
|
Las Vegas, NV |
-23.6% |
3.7% |
17.9% |
-0.7% |
9.2% |
0.3% |
3.2% |
|
Columbus, OH |
-42.0% |
-5.7% |
11.3% |
-2.7% |
10.7% |
0.3% |
12.1% |
|
Indianapolis, IN |
-39.7% |
-6.1% |
19.2% |
-3.2% |
7.0% |
-1.4% |
12.3% |
|
San Jose, CA |
-12.1% |
46.5% |
-18.8% |
2.7% |
13.1% |
-0.8% |
14.7% |
|
Austin, TX |
-39.6% |
-14.0% |
26.0% |
1.0% |
23.6% |
0.5% |
14.6% |
|
Virginia Beach, VA |
-40.5% |
24.2% |
5.1% |
-0.9% |
8.8% |
||
|
Nashville, TN |
-30.2% |
-17.2% |
5.1% |
-0.3% |
6.7% |
||
|
Providence, RI |
-39.7% |
1.3% |
-11.9% |
1.5% |
4.3% |
-0.2% |
10.2% |
|
Milwaukee, WI |
-5.5% |
4.9% |
5.8% |
-0.6% |
10.6% |
||
|
Jacksonville, FL |
-41.9% |
-12.5% |
33.3% |
0.6% |
3.4% |
-0.8% |
6.0% |
|
Memphis, TN |
-45.1% |
-16.5% |
12.1% |
-2.0% |
3.5% |
1.0% |
19.9% |
|
Oklahoma City, OK |
-35.9% |
-21.8% |
31.3% |
-0.1% |
9.5% |
0.0% |
11.1% |
|
Louisville-Jefferson County, KY |
-43.9% |
-12.0% |
14.2% |
-1.5% |
-1.8% |
-1.1% |
14.2% |
|
Hartford, CT |
-40.7% |
7.0% |
49.8% |
-0.3% |
12.8% |
0.0% |
9.6% |
|
Richmond, VA |
-43.5% |
-14.8% |
16.6% |
0.9% |
7.7% |
||
|
New Orleans, LA |
-44.0% |
-15.0% |
23.3% |
-2.4% |
12.0% |
0.1% |
10.2% |
|
Buffalo, NY |
-40.5% |
-24.4% |
17.3% |
-0.7% |
6.6% |
-1.6% |
16.9% |
|
Raleigh, NC |
-43.8% |
-3.6% |
10.6% |
1.3% |
10.6% |
0.0% |
11.0% |
|
Birmingham, AL |
-33.3% |
1.5% |
40.7% |
-4.5% |
-1.5% |
0.0% |
4.8% |
|
Salt Lake City, UT |
-50.1% |
-17.2% |
10.9% |
1.1% |
12.7% |
*Table ordered by market size
**Sale price data as of the week ending Sept. 12
1 The Zillow Weekly Market Reports are a weekly overview of the national and local real estate markets. The reports are compiled by Zillow Economic Research and data is aggregated from public sources and listing data on Zillow.com. New for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, newly pending sales, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. National newly pending sales trends are based upon aggregation of the 38 largest metro areas where historic pending listing data coverage is most statistically reliable, and excludes some metros due to upstream data coverage issues. For more information, visit www.zillow.com/research/.
2 Due to changes in the set of listings included, there have been significant restatements to the New For-Sale Inventory metric from April to September 2020. Historical data is revised regularly to make the best use of the available data, and the current set is more representative of the market. This revision reflects a significant increase in the number of new listings that occurred during the summer, now showing a faster recovery in new listings nationwide.
About Zillow
Zillow, the most visited real estate website in the U.S., is building an on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow’s businesses to find and get into their next home with speed, certainty and ease.
In addition to for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.
Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they’ve come to expect from real estate’s most trusted brand.
Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG).
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